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Aiming high

Matrix Securities has joined forces with Unicorn Asset Management to unveil the Unicorn Aim venture capital trust.

The VCT will follow a similar investment strategy to Unicorn&#39s eaglet investment trust, which invests in a portfolio of quoted companies with a market capitalisation below £50m, but will focus on unquoted companies listed on the Aim.

Matrix and Unicorn believe Aim offers good investment opportunities because it may contain undervalued stocks as the index has fallen drastically over the past year. Aim fell from a record high of 2,924.93 points on March 3, 2000 to 820.50 on September 28, 2001.

The money raised will not go into Aimlisted companies immediately. At least 50 per cent will be invested in cash, with the rest in quoted UK smaller companies until suitable Aim-listed companies are found.

The tax-efficiency of the VCT could make it a hit with higher-rate tax payers or those looking for an alternative to an Isa, but investing in unquoted companies can be risky.

Their growth potential may not be realised and they could suffer setbacks due to unrealistic business plans.

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